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, but the average income tax rate for individuals in the euro zone is 42%, including countries like belgium, germany and france with some rates above 50%. in the united states, the average income tax rate is 29%. federally, 39.6% is the highest rate. someone will pay in the united states. so for today's q&a, are americans getting a bargain or are europeans getting ripped up? let me go first. 60 seconds on the clock starts right now. economies richard cost money to run. there is misplaced popularity in the libertarian myth that governments don't need to involve themselves in most economic matters and that markets will handle whatever needs to be handled. we need taxes. and we need safety and services and infrastructure in return. in some cases, it is simply more economical for governments to provide services because a scale. health care might be one example. the building and maintenance of smart grids and roads. so think of taxes not as needing to be low but of the return from those taxes of needing to be high. now traditionally, richard, that worked in europe. now it doesn't. they got the math badly
were there. australia, russia, italy, france. england, germany. all over the world. following this story. all the major networks were there. you know, cnn was there, of course. and so this is an international event. and so the churches have a particular role when something like this happens. that is to help people make some kind of sense of it. when it first happened, everyone, including me was in a state of complete shock. i heard, i'm the same as anyone else, a sense of sickening sense of how could this possibly happen. and you try to wrap your mind around it. and comprehend that you can't, it's just impossible. even the ways that we typically try to understand events like this through psychology and they say the man was disturbed and things like that. he certainly was. but in a war, you can understand the cultural and political tensions like this, for a natural disaster this goes way beyond that. even a very sick mentally ill individual, could never just because of that, commit a crime so horrendous. so you're thrown back, on religious concepts, that's the only way to under
to happen here. there's a huge stake. everyone realizes. europe has got its problems. germany starting to feel the effects of the global, of the downturn in europe. china, cutting its growth forecasts, india doing the same. the last thing anyone on the world stage needs right now is for the u.s. to start sliding back into recession. but you know, let's be clear here. that's, that would take some time. there would still be time for some kind of a deal. but it's the uncertainty that is really driving everybody's nerves in all of this. it's going to affect commodity prices in countries like brazil. countries like russia, everybody is in this together. waiting to see what happens up there. >> you're absolutely right. we're going to be watching those international markets to see how everybody is reacting. it's this whole big chain, jim, thank you for that back home, the senate is still trying to work towards a deal as jessica just told us, senator harry reid earlier said that he is in fact hopeful about reaching a deal. listen. >> with 36 hours left until the country goes over the cliff, i
.8%, germany 1.3%, switzerland, which doesn't have enough bonds to make a difference is about 0.5%. portugal at 7% and italy at 4.5%. my point, sean, is whether or not you or s&p or anybody else downgrades the united states, is there a danger it becomes substantially more expensive for the u.s. the borrow money anytime in the future? >> well, a lot of the borrow ei costs have been masked by the purchases by the federal reserve bank. they purchase about 75% of what the treasury has issued over the past year. the bigger challenge for a lot of institutional investors with regard to the credit quality of the u.s. is entitlement reform. the unfunded liabilities are in the area of $100 trillion depending on what type of interest rate or discount rate you use for those future liabilities. and that's something that we have some time to address but perhaps more important than the immediate deficit reduction for a lot of institutional investors including ourselves. >> all right, sean. to jim for a second. your firm manages a lot of money for individual and institutional investors. what have they been
taxpayers getting their money's worth. >> imagine a guy in germany, probably he pays particularly if he's upper middle class or upper class, he probably pays more in total taxes than his american counterpart. though it's not entirely clear once you add value-added consumption tax, for sure he's paying more. but here's what he gets in return. he gets universal health care, high-quality. he gets a free education. from kindergarten through any master's bachelor's ph.d. program he wants and it's pretty high quality as well. he gets free retraining if he ever loses his job. he gets all the benefits like day care and things like that europe is famous for. and the person in the united states may be spending a couple of percentage points lower. but he has to save for health care. he has to save for long-term care when he gets old. he has to save for his children's college education. perhaps for high school education. and certainly for any kind of retraining he may need. so it's not entirely clear that europeans have such a bad deal. >> the question here, it is a tough decision. we are deciding
Search Results 0 to 6 of about 7 (some duplicates have been removed)